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In the world of real estate transactions involving condos and townhouses, if it looks like a duck, talks like a duck and walks like a duck…sometimes it’s not a duck. Frequently enough, some home buyers want to split hairs between single family residence living and the condo life. They make a slight compromise on privacy for the sake of limited maintenance. They seek a larger floorplan perhaps. There are many reasons but in the end, they seek a townhome or row house. Excitedly, the purchase agreement is executed, the inspection is scheduled and it’s often at this point, . . …

Many would say that perhaps Fannie Mae should have become tighter on their guidelines for condos back in 2008 and now that they’re seeing recovery, start to loosen up (kind of like the private mortgage insurance companies did). The opposite is happening as clearly Fannie Mae wants to limit their exposure to condos in their portfolio. Periodically, changes are made to Fannie’s underwriting guidelines and their automated underwriting software. Some are small and some are large and impactful. Condo buyers beware as they snuck this one in (effective October 20th): “A limited project review will no longer be permitted on …

If you’re a FHA buyer shopping for a condo, you’d better pre-qualify your lender first. If you’re listing a condo and a buyer gives you a FHA pre-approval letter, you’d better pre-approve that lender first. Because Spot Approvals are a thing of the past, it’s important to know which of the two remaining FHA condo approval processes your lender will be using: Direct Endorsement Lender Review and Approval Process (DELRAP) or HUD Review and Approval Process (HRAP) as outlined in MORTGAGEE LETTER 2009-46 B. DELRAP is only available to lenders who have unconditional Direct Endorsement authority and staff with knowledge and …

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